Thank you for this eye-opening article.
Defund the Department of Education now!
Education, Labor, Green infrastructure, Pension $$$ [aka wealth transfer from taxpayers]:
AFL-CIO Makes $10 Billion Infrastructure Commitment At the Clinton Global Initiative (CGI) - America yesterday the AFL-CIO announced a $10 billion commitment to invest in America's infrastructure. This commitment puts labors money where their mouth is.
This initiative will help create mechanisms to finance infrastructure projects. Over the next 5 years at least $10 billion will be raised to invest in infrastructure projects beginning with investment specifically geared toward retrofitting large commercial buildings to be energy efficient. The money will be recruited from pension funds, state and federal governments, beginning with union pension funds.
Retrofitting Buildings -- How It Pays Off
Initially $20 million will come from union pension funds to invest in pilot programs retrofitting large public and commercial buildings for energy efficiency. The union money covers the cost of the work. They get the money back over the long term by receiving the difference between the building's current utility bills and the lower utility costs that result from the retrofitting. So along with creating jobs, reducing our dependence on foreign (and Koch) energy sources and helping get America moving again, the pension funds and other financing entities will be paid back directly from the resulting savings on utility bills.
Because the labor organization is willing to make a long-term investment, they can finance this work where other entities will not. It is called patient capital. For an investment of patient capital, you need non-exorbitant but predictable returns. This reduction in utility bills provides just that. This is the first time anyone willing to put enough money in this to get projects like this going. As other investors see the success that results they will join to finance future projects. This project means public buildings can be retrofitted now, without the governments having to come up with any money. Because this is very labor-intensive work it will create many construction jobs.
Other infrastructure projects will follow the initial building-retrofit effort.
The CGI Process
This is a great commitment to be announced at CGI because it fits the CGI model. It is practical, gets something done that is important to do, brings labor, business and government together to solve problems and is completely scalable so if it works it can be rapidly and dramatically expanded.
[American Federation of Teachers] AFT President Randi Weingarten and AFL-CIO Building and Construction Trades President Mark Ayers [update: died April 2012] announced the project here at CGI-America, with President Clinton explaining to the assembled audience how it will have such a positive impact. Clinton explained that China spends 9% of income on infrastructure, US only 3%.
Investment in infrastructure gets Americans back to work and enhances energy independence, so it is good economics. We dont have the same capacity to amass significant amounts of capital required for these kinds of investments. AFL-CIO investing at least $10 billion from pension funds into Americas infrastructure projects that are competitive and energy efficient, bringes utuilities, labor, government, investors and business groups together.
In addition, AFL-CIO will train 40,000 apprentices as well as 100,000 mid-career construction workers to do this.
Clinton said Rich Trumka couldn't be here, they started talking about this last January, Trumka will report on the progress at the September CGI in New York."
Initially $20 million will come from union pension funds to invest in pilot programs retrofitting large public and commercial buildings for energy efficiency. The union money covers the cost of the work. They get the money back over the long term by receiving the difference between the building's current utility bills and the lower utility costs that result from the retrofitting.
Elon Musk [read: "Obama crony capitalist" of SolarCity, Tesla Auto and SpaceX].
SolarCity Corp. (SCTY), the developer of rooftop solar systems whose chairman is billionaire Elon Musk, is installing panels with 7.4 megawatts of capacity at 26 schools in the Los Angeles Unified School District.
The project will save the district more than $776,000 in energy costs in the first year and more than $25 million over 20 years, according to a statement today. SolarCity has installed systems at 17 schools and will add nine more by the first half of next year. Terms of the deal werent disclosed.
SolarCity has installed or is developing power projects at more than 200 U.S. schools, according to the statement. It sells power to residential and commercial customers in 14 states, including Wal-Mart Stores Inc. and Intel Corp.
The company filed this month to to raise more than $200 million in an initial public offering........"
160,000 military buildings to get rooftop arrays "........Recently, SolarCity -- which also expanded to the East Coast this year -- announced the launch of SolarStrong, an audacious, $1 billion project that aims to double the number of residential photovoltaic systems across the U.S. through the installation of rooftop solar arrays on 160,000 homes and other buildings like community centers and administrative buildings on the country's military bases.
In total, 124 different military housing developments in 33 states would partake in the program that is expected to create as many as 6,000 jobs over the next five years, many of them earmarked for U.S. veterans and military families.
Right now, SolarStrong is already under way at Joint Base Pearl Harbor-Hickam in Hawaii where, when all is said and done, 2,000 military homes will boast rooftop solar arrays. MNN: 10 surprisingly easy forms of alternative energy
Given the magnitude of the project, it's no surprise the federal government has stepped in to help -- the Department of Energy has extended a conditional commitment for a partial guarantee of a $344 million loan that will support SolarStrong.................."
GIM: Generation Investment Management LLP co-founders: [Al Gore and David Blood [headed Goldmans $325 billion asset management division] LINKS to their advocacy and editorials.
"The $683 million "Climate Solutions Fund" piece of GIM has made direct, minority investments in a number of cleantech firms including SolarCity, Tigo, Ausra, and SMA." Source Oct. 4, 2012 MORE